Renault has sold its entire stake of Series B shares in Volvo Trucks for SEK28.2bn (US$4.21bn).

"This successful placement of Volvo B shares confirms investor confidence in the future development of Volvo Group, which we share, as Renault will remain a major shareholder with 17.5% of voting rights," said Renault-Nissan Alliance CEO and chairman Carlos Ghosn.

"The funds raised from the placement will strengthen Renault's balance sheet, in preparation for the launch of our new strategic plan next year."

Volvo Trucks' vehicle deliveries increased during the first eight months of this year by 47% compared with the corresponding period in 2009.

In Europe, the increase was 23%, with Germany, the Nordic countries and Central Europe being the prime movers for the sales increase.